Economy of Europe

The economy of Europe comprises more than 731 million people in 48 different countries. Like other continents, the wealth of Europe's states varies, although the poorest are well above the poorest states of other continents in terms of GDP and living standards. The difference in wealth across Europe can be seen roughly in former Cold War divide, with some countries breaching the divide (Greece, Portugal, Slovenia and the Czech Republic). Whilst most European states have GDP per capita higher than the world's average and are very highly developed (Liechtenstein, Luxembourg, Monaco, Andorra, Norway, Sweden, the Netherlands, Switzerland), some European economies, despite their position over the world's average (except for Moldova) in the Human Development Index (Albania, Armenia, Azerbaijan, Bosnia and Herzegovina, Georgia, Macedonia, Kosovo, Belarus, Ukraine) are still catching up with European leading countries.

Throughout this article "Europe" and derivatives of the word are taken to include selected states whose territory is only partly in Europe – such as Turkey (depending on a definition – whole country or just Thrace), Azerbaijan (Caucasus), and the Russian Federation (its European part to Ural Mountains) – and states that are geographically in Asia, bordering Europe and culturally adherent to the continent – such as Armenia, Georgia, and Cyprus.

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